Retrospective Application of Rules

Amongst the various areas for action in the FCA’s Business Plan for 2014/15 that was published in March was work to be carried out in respect of the ‘expectations gap’. This describes the relationship between the FCA Handbook and firms’ perceptions of it and considers whether any differences in understanding might affect the quality of products and services that consumers receive. A concern would be whether market development was being held back by uncertainty around rules or concerns over retrospection.

The FCA has now reached out to industry and is calling for examples where it is believed that the FCA (or FSA) has applied its rules retrospectively, as in applying a more demanding standards or interpretation of the rules after the event with the benefit of hindsight.

Any examples provided will help feed into the Regulator’s approach to the industry.

Comments are invited by 1 October. Information can either be sent in writing or by way of electronic submission – the ‘Retrospective’ web page (see link) provides further information.

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